Mexico’s rapidly changing oil and gas industry took another step forward last month, reaching an agreement with the United States Bureau of Industry and Security to swap crude oil depending on its respective grades. U.S. refineries, particularly on the Gulf Coast, are more equipped to handle heavy and sour grade crudes like Mexico’s Mayan crude oil.

U.S. refineries best suited for light crude grades, as those from shale plays including the Eagle Ford, are not as prominent.

The opposite holds true in Mexico, where refineries south of the U...

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